A used delivery truck was traded in for a new truck. Information relating to the trucks follows Used truck: Cost P1,600,000 Accumulated depreciation 1,200,000 New truck: List price 1,950,000 Cash price without trade-in 1,900,000 Cash price with trade-in 1,560,000 If the fair value of the used truck is P320.000, the cost of the new truck is O P1.900.000 O P1,560.000 O P1.880.000

A used delivery truck was traded in for a new truck. Information relating to the trucks follows Used truck: Cost P1,600,000 Accumulated depreciation 1,200,000 New truck: List price 1,950,000 Cash price without trade-in 1,900,000 Cash price with trade-in 1,560,000 If the fair value of the used truck is P320.000, the cost of the new truck is O P1.900.000 O P1,560.000 O P1.880.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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